Distributor A24 Secures $50 Million Credit Line for Expansion

In a vote of confidence in the specialty film business, distributor A24 has secured a $50 million line of credit from Comerica and Union Bank of California.

The two-year-old company said it will use the funds to build out its core film distribution business and finance initiatives in “complimentary” areas.

A24’s top grosser this year is Jenny Slate’s “Obvious Child” with $3.1 million at the U.S. box office. It also has released Scarlett Johansson’s “Under the Skin” with $2.6 million, Kevin Smith’s “Tusk” and Tom Hardy’s “Locke.”

Comerica Bank structured the facility and will act as its administrative agent. Union Bank will serve as a co-syndication agent.

“This credit facility represents the next logical step in the evolution of our business and provides A24 the capital and flexibility necessary to continue to drive value for all of our stakeholders,” A24’s Matthew Bires said. “Comerica and Union Bank are two of the most creative capital providers in the space and we are very excited to be working with them.”

Todd Steiner, a VP in Comerica’s Entertainment Group, said of the deal, “A24 has quickly claimed a unique place in the marketplace and demonstrated the ability to repeatedly craft compelling distribution campaigns that are innovative on multiple levels.”

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